Owner of OnlyFans made half a billion dollars

Owner of OnlyFans made half a billion dollars
Owner of OnlyFans made half a billion dollars

Leonid Radvinsky, the owner of the social media platform OnlyFans, has been paid no less than $517 million in dividends since 2021. This is mainly due to the COVID pandemic, when millions of users started using the platform.

Those were particularly fruitful years for the owner of OnlyFans, an app best known for its pornographic content that users can post – and sell. The company announced its profit figures for the year 2021 to November on Thursday. It shows that it was able to record a profit of $ 433 million, an increase of more than 600 percent compared to the year 2020.

As a result, Radvinsky was able to reap a nice grain: In 2021, the Ukrainian-American businessman already received 284 million dollars in dividends. This year, an additional 233 million was added, bringing Radvinsky to about 517 million dollars in 18 months.

220 million users

It is undeniable from the figures that the platform is doing well. After all, in 2021 the share of users grew by no less than 128 percent compared to the previous year. The number of content creators also increased by 34 percent. The latter group also earned twice as much as in the year 2020. OnlyFans itself skims 20 percent of their profits, which explains how it was able to make so much profit in 2021.

The platform now has about 220 million users, who buy content from more than two million creators. Although the platform is not exclusively used to make porn (musicians, celebrities and other influencers also use OnlyFans), it is mainly known for that.

After all, porn stars, sex workers and even normal people use the platform to sell sexually explicit content. When the company decided to ban such content in 2021, after pressure from financial partners, it sparked outrage among those content creators. They claimed that sexual content was the main reason OnlyFans became successful in the first place. A week later, the company reversed the decision.

“Pornography Breeding Ground”

Founded in 2016, OnlyFans was initially a platform that allowed people to sell videos and photos to followers for a monthly subscription. In 2018, Radvinsky, a businessman with a background in the porn industry, bought 75 percent of the shares of Fenix ​​International Ltd., the holding company owned by OnlyFans. After that, the company began to focus more and more on explicit content, quickly becoming known as a “pornography breeding ground”.

In the years that followed, OnlyFans grew into a phenomenon, but it wasn’t until the COVID pandemic, when millions of people worldwide had to stay home for months, that use of the app started to explode. Proponents prefer OnlyFans because, unlike with classic porn, they can also interact with content creators. Also, many users feel that “classic” porn is unethical, and that they don’t want their money to go to producers, but to the porn stars themselves.

Opponents argue that the company is not doing enough to moderate content. In 2021, a study by the BBC after all, children could create accounts on the app by using false identification data. The company removed those accounts, saying it will focus more on cybersecurity and moderation in the coming year.

(bg)

The article is in Dutch

Tags: Owner OnlyFans billion dollars

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